NEA Leads $25 Million Investment in ISGN Technologies
New Enterprise Associates (NEA) has invested $20 million in ISGN Technologies Ltd, a leading provider of complete solutions and platform based knowledge process outsourcing (KPO) services to the US mortgage industry. NEA leads this $25 million investment alongside NEA-IndoUS Ventures (NEA-IUV).
Tweet-- New Enterprise Associates (NEA) has invested $20 million in ISGN Technologies Ltd, a leading provider of complete solutions and platform based knowledge process outsourcing (KPO) services to the US mortgage industry. NEA leads this $25 million investment alongside NEA-IndoUS Ventures (NEA-IUV). Proceeds from the financing will be used to strengthen ISGN’s global delivery infrastructure, expand sales and marketing initiatives and significantly increase the company’s momentum. This announcement follows a series of recently announced strategic acquisitions by ISGN in the US mortgage solutions space.
“We are excited to partner with NEA-IUV in the backing of ISGN and their industry leading team,” said Mark Perry, NEA General Partner and newly appointed ISGN board member. “With operations in both India and the US, ISGN is a highly-competitive technology-enabled KPO with deep mortgage expertise serving a broad range of lenders with a full suite of complementary products and services. We look forward to this venture and ISGN’s continued success.”
"Over the next decade, the IndianITservices industry will increasingly move up the value chain by providing value added KPO services to the world.This will entail the use of new technology platformsto improve efficiencies and scale. We are excitedto bean investor inISGN foritsleadership in demonstrating such value through its singular focus in the Mortgage financing sector," said Vinod Dham, Executive Managing Director of NEA-IndoUS Ventures and newly appointed ISGN board member.
ISGN provides technology solutions, advisory services and KPO to lenders that originate and refinance in the US each year. ISGN holds an 18% market share and initiates approximately $500 billion worth of loans through its various platforms in the residential and construction lending space. It also connects, by way of the BridgeLink vendor network and Plug in partner network, third party vendor services.
In addition to Mark Perry and Vinod Dham, Ravi Viswanathan, NEA Partner, will join the ISGN Board of Directors.
“We are very pleased to have the overwhelming support of NEA and NEA-IUV,” said Krishna Srinivasan, ISGN CEO. “Their deep industry knowledge and extensive capital base will further enhance our market share and provide for additional resources. Coupled with financial backing from the K.K. Birla Group, we are positioned to leverage our technology-enabled KPO model, offering a distinct combination of technology and services.”
Notes to Editor
New Enterprise Associates (NEA) is a leading venture capital firm focused on helping entrepreneurs create and build major new enterprises that use technology to improve the way we live, work and play. Since its founding in 1978, the firm has followed the same core principles: supporting its entrepreneurs, providing an excellent return to its limited partners and practicing its profession with the highest standards and respect. NEA focuses on investments at all stages of a company’s development, from seed-stage through IPO. With approximately $8.5 billion in committed capital, NEA’s experienced management team has invested in over 550 companies, of which more than 155 have gone public and more than 220 have been acquired. NEA has US offices in Reston, Virginia, Menlo Park, California and Baltimore, Maryland. In addition, New Enterprise Associates (India) Pvt. Ltd. has an office in Bangalore, India and New Enterprise Associates (Beijing) Ltd. has offices in Beijing and Shanghai China. For additional information, visit www.nea.com.